engen concludes three deals to acquire some of sub-saharan african countries assets

SOUTH AFRICAN DOWNSTREAM PETROLEUM MARKETER ENGEN HAS CONCLUDED THREE DEALS TO ACQUIRE SOME OF THE SUB-SAHARAN AFRICA COUNTRIES LIKE ZAMBIA AND THE INDIAN OCEAN ISLANDS ASSETS PREVIOUSLY OWNED BY PETROLEUM GIANT CHEVRON, OF THE US.

THE DEALS WILL SEE ENGEN ENTERING THE NEW TERRITORIES OF RÉUNION, ZIMBABWE, MOZAMBIQUE, TANZANIA, MAURITIUS AND MALAWI, WHILE STRENGTHENING ITS PRESENCE IN ZAMBIA WHERE IT HAS TAKEN OVER THE OPERATIONS OF CALTEX PETROLEUM OIL COMPANY.

BUT THE THREE DEALS FORMED PART OF A BATCH OF SEVEN AGREEMENTS WITH CHEVRON TO ACQUIRE SOME OF ITS ASSETS IN ZIMBABWE, MOZAMBIQUE, TANZANIA AND MAURITIUS AND THE DEALS IN THESE FOUR COUNTRIES WERE, HOWEVER, STILL SUBJECT TO ALL THE RELEVANT IN-COUNTRY REGULATORY AND LEGISLATIVE APPROVALS AND HAD YET TO BE FINALISED.

ENGEN PETROLEUM ZAMBIA LIMITED MANAGING DIRECTOR GUY PHIRI SAYS THROUGH THE ACQUISITION OF CHEVRON’S ZAMBIAN ASSETS, ENGEN WILL POSITION TO BUILD SIGNIFICANTLY ON ITS ESTABLISHED PRESENCE, WHICH WAS FIRST DEVELOPED IN 1999.

SPEAKING TODAY AT A MEDIA BRIEFING IN LUSAKA TODAY MR PHIRI SAYS THE REBRANDING OF ENGEN FROM CHEVERON ZAMBIA OPERATING AS CALTEX WILL TAKE PLACE IN TWELVE MONTHS AS THE ACQUISITION COMPRISES 25 SERVICE STATIONS, COMMERCIAL CUSTOMERS, AS WELL AS A BULK FUELS DEPOT AND A LUBRICANTS WAREHOUSE.

MEANWHILE MR PHIRI HAS RE-ASSURED  ZAMBIANS THAT ENGEN WILL NOT DISMISS OR LAY OFF ANY WORKER IN THE NEXT 12MONTHS.

THE DEALS CONCLUDED WITH CHEVRON FORMED PART OF ENGEN’S ‘EPIC 2016’ STRATEGY ,A 10-YEAR GROWTH PLAN, ADOPTED IN 2006 AIMED TO INCREASE ENGEN’S FOOTPRINT OUTSIDE OF SOUTH AFRICA AND TO POSITION ENGEN AS AFRICA’S MARKET LEADER IN THE AREA OF PETROLEUM PRODUCTS BY 2016.

ENGEN’S LAST MAJOR ACQUISITION WAS IN 2008 WHEN IT ACQUIRED THE DOWNSTREAM BUSINESS INTERESTS OF FRENCH-BASED PETROCHEMICAL COMPANY TOTAL IN RWANDA, BURUNDI, AND GUINEA BISSAU.

CURRENTLY, ENGEN, WHOSE CORE BUSINESS INCLUDED THE REFINEMENT OF CRUDE OIL, THE MARKETING OF REFINED PETROLEUM PRODUCTS AND THE PROVISION OF CONVENIENCE SERVICES, WAS THE FOURTH LARGEST DOWNSTREAM PETROLEUM PRODUCT MARKETING COMPANY IN AFRICA.

THE COMPANY IS PRESENT IN 19 SUB-SAHARAN AFRICAN AND INDIAN OCEAN ISLAND COUNTRIES AND EXPORTS PRODUCTS TO 20 ADDITIONAL COUNTRIES, MOSTLY IN AFRICA AND THE INDIAN OCEAN ISLANDS

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